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Financial institutions legislative and regulatory reporter - British Columbia

The British Columbia (BC) Reporter provides a monthly summary of BC’s legislative and regulatory developments of relevance to provincially regulated financial institutions. It does not address Canadian federal financial services legislative and regulatory developments, although this information is provided by BLG separately. In addition, purely technical and administrative changes (such as changes to reporting forms) are not covered.

March 2022/April 2022

Published

Title and Brief Summary

 

April 25, 2022

Introduction of Bill 21: Professional Governance Amendment Act, 2022 (3rd Session, 42nd Parliament (2022)

Amending:

  • Professional Governance Act [SBC 2018] c. 47
  • Business Practices and Consumer Protection Act [SBC 2004] c. 2
  • Interpretation Act [RSBC 1996] c. 238
  • Water Sustainability Act [SBC 2014] c. 15, Business Practices and Consumer Protection Act [SBC 2004] c. 2

 

April 25, 2022

Budget Measures Implementation Act, 2022

Bill 6, Budget Measures Implementation Act, 2022 (3rd Session, 42nd Parliament) received third reading April 25, 2022 and is now partially in force (see details). Acts affected by Budget Measures Implementation Act, 2022:

  • Balanced Budget And Ministerial Accountability Act
  • Budget Transparency And Accountability Act
  • Carbon Tax Act
  • Employer Health Tax Act
  • Financial Administration Act
  • Home Owner Grant Act
  • Income Tax Act
  • Insurance Premium Tax Act
  • Land Tax Deferment Act
  • Logging Tax Act
  • Mineral Tax Act
  • Motor Fuel Tax Act
  • Property Transfer Tax Act
  • Provincial Sales Tax Act
  • School Act
  • Speculation And Vacancy Tax Act
  • Tobacco Tax Act

Partially in force as at April 25, 2022

Volume CLXII, 2022, No. 13, March 31

Published: Maa-Nulth First Nations Tax Treatment Agreement Amendment Agreement (No. 2)

Amendment agreement dated July 12 2021.

 

Amendments to BC Regulations

March 30, 2022

Gender-based words removed from hundreds of provincial regulations

The provincial government issued Orders in Council 157/2022 and 158/2022, which amends many regulations by replacing gendered language with non-gendered alternatives.

 

March 30, 2022

B.C. Regulation, 76/2022

Amends B.C. Regulation. 273/2004 — Disclosure of the Cost of Consumer Credit Regulation and 57/2009 — Payday Loans Regulation

Statutory Authority: Business Practices and Consumer Protection Act

Order in Council No. 157/2022, March 30, 2022

Effective March 30, 2022

March 30, 2022

B.C. Regulation, 76/2022

Amends B.C. Reg. 308/90 — Credit Union Directors Election Regulation

Statutory Authority: Credit Union Incorporation Act

Order in Council No. 157/2022, March 30, 2022

Effective March 30, 2022

March 30, 2022

B.C. Regulation, 76/2022

Amends B.C. Reg. 366/2007 — Insurer Exemption Regulation

Statutory Authority: Financial Institutions Act

Order in Council No. 157/2022, March 30, 2022

Effective March 30, 2022

Disclaimer

This Reporter is prepared as a service for our clients. It is not intended to be a complete statement of the law or an opinion on any subject. Although we endeavour to ensure its accuracy, no one should act upon it without a thorough examination of the law after the facts of a specific situation are considered.

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